ConsenSys, Nordic VC fund and others back blockchain e-money startup Monerium

Monerium, an Iceland-based startup that aims to issue asset-backed, redeemable, and regulated e-money on blockchains through a licensed institution, has announced the closing of a seed funding round.

The round was led by the Nordic VC fund, Crowberry Capital, with the participation of Ethereum venture studio, ConsenSys, and Hof Holdings. It brings the total funding till date to $2 million.

In its official release, Monerium said that it will use the funding to accelerate the development of its services.

“Monerium has a clear vision to bridge fiat money and blockchains. It was when working with ConsenSys shortly after the launch of Ethereum, that we first identified e-money as a key catalyst for mainstream blockchain adoption,” Sveinn Valfells, CEO of Monerium, said.

“This investment, and the continued partnership with ConsenSys - alongside the backing from Crowberry Capital and Hof - is a clear indication that we are on course to achieve our goals.”

Monerium said that it has applied to become a licensed financial services company in the European Economic Area through a wholly-owned subsidiary.

“Becoming a licensed financial institution is the next key step for Monerium in order to assume full responsibility for and control over the complete range of functions required to issue e-money on blockchains: asset management, compliance, risk management, and product development,” Valfells added.

ConsenSys’ investment in Monerium is one of the first investments facilitated by Coven – a new, open, co-venturing initiative at ConsenSys.

"Monerium's work in tokenizing currencies across Europe is an exciting endeavor we're glad to be a part of," said Andrew Keys, Co-Founder of ConsenSys Capital.